(Medknow, 2016) Martínez Paz, José Miguel; Almansa Sáez, Carmen; Casanovas Oliva, Valero; Colino, José; Gestión de Empresas; Enpresen Kudeaketa
The primary aim of this study is to examine the various issues involved in environmental discounting using a Delphi
survey of a worldwide panel drawn from specialists in issues relating to discounting and long-term investment
evaluation. The environmental discount rate is applied when performing cost–benefit analysis (CBA) on projects
with environmental impact, in order to aggregate tangible and intangible effects. A review of the preceding
literature shows that, after decades of academic debate, opinions have gradually converged. Furthermore, public
administrations have begun to echo the need for a new look at the long-term discounting. One of the main findings
of this study is the virtual unanimity of experts regarding the need to modify the approach to intergenerational
discounting. The survey also yields a proposal for specific values for discount rates, based on the time horizon for
the project under evaluation. The application of the resulting rates in the socio-economic evaluation of a project
of environmental restoration provides numerical evidence of the importance of the choice of both discount rate
and discount strategy.
